Exports to US market skyrocket in first two months

The export of electronic items, computers and components witnessed a steep upward curve with an on-year hike of 42.5 per cent in the first two months of 2019.

Figures released by the General Statistics Offices of Vietnam show that telephones and components sent to the US market jumped by 127.6 per cent on-year during the first two months of 2019.

The export of electronic items, computers and components also witnessed a steep upward curve with an on-year hike of 42.5 per cent. Garments and textiles rose by 21 per cent.

In particular, January saw Vietnam’s exports to the US soar by more than 42 per cent on-year to over US$5 billion.

According to the General Department of Vietnam Customs, bilateral trade between Vietnam and the US has tripled from US$18.01 billion in 2010 to US$60.28 billion in 2018. These figures show that on average, the bilateral trade turnover has increased annually by 16.3 per cent during the 10-year period.

Last year, Vietnam posted a trade surplus with the US, worth US$34.8 billion, or 73.2 per cent of the total value of Vietnamese exports to the US.

Meanwhile, the US’s overseas shipments in 2017 totaled US$1.784 trillion in value, according to statistics by the UN Comtrade. Of the figure, Vietnam accounted for 0.5 per cent of the US’s total export turnover, making the ASEAN country the US’s 31^st largest importer.

The UNSD statistics also note that the US poured US$2.407 trillion into imports while Vietnam held a 2 per cent proportion of the total import value.